Unclaimed Property Program Holder Reporting Overview

[Pages:39]Unclaimed Property Program Holder Reporting Overview

November 2015

Overview

Introduction

What is Unclaimed Property? Common Definitions History of Unclaimed Property Law Results of the Program

Holder Obligations Reporting Unclaimed Property Resources to Assist with Compliance Questions & Answers

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What is Unclaimed Property?

Intangible property, such as:

Cash General Ledger Items Securities

No owner-initiated activity for a specified period of time

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Definitions

Intangible Property

Property that has no intrinsic value but is merely representative of value

Holder

Entity in possession of property belonging to another, or is indebted to another on an obligation

Owner

Person or entity having a legal right to or equitable interest in unclaimed property

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Definitions

Dormancy Period (Abandonment Period)

Period of time during which an owner of property does not take action regarding the property

Period ranges from 1 to 15 years depending on the type of property

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Definitions

Due Diligence

Must use prudent and reasonable methods to locate owners of unclaimed property

Must distribute written notice to owner's last known address

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History of Unclaimed Property

Originated from British Common Law

Land was returned to the local Lord if a tenant died without heirs

Personal property was subject to claim by the crown under the bona vacantia ("ownerless goods") doctrine

Basis for today's unclaimed property laws

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History of Unclaimed Property

Every state has an unclaimed property law Uniform Law Commission enacted a series of

Unclaimed Property Acts to promote uniformity among the states (1954, 1966, 1981, 1995) While some things are uniform, it is important to review each state's laws governing unclaimed property

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